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Are you sure that if you can use SL you can take profit?

Stop loss is main objective to help the Forex traders control and minimize his losses not for getting profit. Really, Forex trading is very risky business and we have no idea when the market traps occurs. That’s way, to protect traders trading capital from further losses he or she need to use stop loss to limit the exposure of his trading account to margin call situations.

Actually, Stop loss is use to avoid the market adverse condition. Besides, it is mainly used to save the trading account from breakout. But, the trader needs a clear idea to use the stop loss because all SL should be positioned at the good point. Otherwise, you may lose your money.

Stop loss is main objective to help the Forex traders control and minimize his losses not for getting profit. Really, Forex trading is very risky business and we have no idea when the market traps occurs. That’s way, to protect traders trading capital from further losses he or she need to use stop loss to limit the exposure of his trading account to margin call situations.

If I use stop loss that’s not mean I am sure that I will get profit in trading, this is a probability game and we won’t win for each and every chance. That only mean, I am ready to accept my loss in the stop loss level. This is my tolerance level to a loss. But at least although I don’t get take profit. I will get the high loss.

If I use stop loss that’s not mean I am sure that I will get profit in trading, this is a probability game and we won’t win for each and every chance. That only mean, I am ready to accept my loss in the stop loss level. This is my tolerance level to a loss. But at least although I don’t get take profit. I will get the high loss.

I am not interested to compare Forex business with any other job or business! Because, Forex is different! You can’t make money here until you have a good trading skill, your healthy trading capital will not be enough! Even, many traders have such a long time trading experience like 4-5 years but till now they are struggling!

I am not interested to compare Forex business with any other job or business! Because, Forex is different! You can’t make money here until you have a good trading skill, your healthy trading capital will not be enough! Even, many traders have such a long time trading experience like 4-5 years but till now they are struggling!

Yes I agree with you! There is no money making guarantee here! By the way may I know your current status of trading? I mean your current position.

Yes I agree with you! There is no money making guarantee here! By the way may I know your current status of trading? I mean your current position.

Well, I have almost 7 years trading experience; frankly my 1st years were horrible! I invested my capital too early, as a result so many MC’s. By the way, right now I am making 8-12% monthly return (in average). Please note, I don’t have any specific monthly target.

Well, I have almost 7 years trading experience; frankly my 1st years were horrible! I invested my capital too early, as a result so many MC’s. By the way, right now I am making 8-12% monthly return (in average). Please note, I don’t have any specific monthly target.

Thank you very much for your quick response! 7 years, it’s really such a long time! Another question, do you trade based on technical or fundamental? Or both?

Thank you very much for your quick response! 7 years, it’s really such a long time! Another question, do you trade based on technical or fundamental? Or both?

To be honest, when I was a new Forex trader then my intention was only on the technical analysis. Then I found, only technical analysis is not enough here, then I started to work with the fundamental; right now I filter out my entry & exit points according to my technical as well as fundamental analysis.

Thanks again, I think that’s the standard way! By the way, till now Price Action trading strategy is my major! In addition, during the high voltage news session, like FOMC, NFP I close all of my trades! During the fundamental events, there is no use technical tools.

Yes, you can set stop loss and take profit at the same. Both options have the same job of protecting your capital. with stop loss, you don't lose too much when trade is bad, while take profit ensures that you get your profit and exit the market before it returns and bites. It is also important to use very good broker that will execute your order at the set levels. I use the Forrexchief platform and this is one thing they don't joke with. No rubbish slippage occurrence when it comes to entry and exit.